Unleash your Bitcoin on Tezos

tzBTC delivers the power of Bitcoin as a token on the
Tezos blockchain.

tzBTC in circulation

tzBTC

BTC in custody

BTC
(
USD)

Why add Bitcoin on Tezos

Liquidity and Brand

tzBTC brings the liquidity and battle-tested
brand of Bitcoin (BTC) into the Tezos
ecosystem, enabling BTC-backed use-cases on
Tezos. Developers on Tezos can use tzBTC to
enable novel financial applications on the
Tezos blockchain.

Usable In Tezos Smart Contracts

As an asset on Tezos, tzBTC enables
Tezos-based applications to use BTC with the
full expressivity of Tezos smart contracts.
tzBTC is implemented using the
FA 1.2 asset standard
on Tezos.

No single-point-of-failure

The tzBTC system divides governance among a
group of Keyholders. Keyholders can access via
multi-signature wallets the underlying Bitcoin
and oversee supply management by minting and
burning the corresponding tzBTC. Gatekeepers
interact directly with End-Users and ensure
compliance with KYC & AML documentation.

Who is backing tzBTC

The Association

The Bitcoin Association Switzerland
acts as a third-party overseer and mediator
Keyholders, strengthening the integrity of the
tzBTC system. More information about the
Bitcoin Association Switzerland may be found
on
its website. The Association agrees to use a
standard contract
for its role in the tzBTC ecosystem.

Keyholders

A distributed group of Keyholders
can access via multi-signature wallets the
underlying Bitcoin and manage the supply with
minting and burning of the corresponding
tzBTC. Keyholders and Gatekeepers typically
use a
standard contract.

Gatekeepers

A distributed group of Gatekeepers
accept BTC after conducting KYC & AML
checks (identity verification) and allocate
tzBTC in return. There is no limit to the
number of Gatekeepers allowed. An application
to become a Gatekeeper can be made to an
existing Keyholder.

How it works

tzBTC is composed of three different
processes. “Initiating”
involves potential end-users, whereas
“Minting”
and
“Burning”
are done by Keyholders and Gatekeepers.

Initiating tzBTC is simple: a User requests tzBTC from a
Gatekeeper who then performs the
required KYC & AML checks to
verify the User’s identity. The
User then sends BTC to the
Gatekeeper and in return receives
the corresponding tzBTC tokens
(after Minting by Keyholders).

Minting is the process of
creating new tzBTC
supply:
after new tzBTC is requested by a
Gatekeeper, tzBTC is minted by
Keyholders using a multi-signature
setup and sent to a Gatekeeper who
then allocates it to a User.

Burning is the process of
removing tzBTC: a Gatekeeper can request to
remove tzBTC from circulation
(burn) by sending them to a
predefined address managed by a
multi-signature wallet controlled
by Keyholders. Once burned, the
corresponding BTC are transferred
to a Gatekeeper and then allocated
back to a User.

Get tzBTC

These Gatekeepers exchange BTC to
tzBTC and vice versa.

Founded in 2013,
Bitcoin Suisse
has been a pioneer in providing
crypto-financial services. Bitcoin Suisse has
helped to shape the crypto-and
blockchain-ecosystem in Switzerland. To
receive TZBTC, you need to be fully onboarded
as customer incl. KYC / AML documentation
& eligibility check. The minimum amount
for trading with Bitcoin Suisse is 1 BTC or 1
TZBTC. Fees apply for each transaction.

Founded in 2014,
Bity SA
is a leading crypto-financial services
provider. It was founded on the conviction
that blockchains, and other technologies for
decentralization, will have some of the most
profound social implications in history. As a
regulated Swiss financial intermediary, Bity
offers crypto-financial services and products
for individuals and businesses globally,
empowering people to always be in complete
control of their own funds.

Sygnum
is the world’s first digital asset bank, and a
digital asset specialist with global reach.
Sygnum offers a portfolio of regulated banking
services which seamlessly integrates
traditional and digital assets into one
account, including major national currencies,
Bitcoin, Ethereum, a Digital CHF and asset
tokens. Founded on Swiss and Singapore
heritage, Sygnum empowers institutional
clients to invest in the digital asset economy
with complete trust.

Taurus Group SA
is a leading Swiss company in digital assets
and blockchain. It was founded by senior
executives with a background in banking, IT,
cybersecurity and regulation. Taurus offers
enterprise-grade financial market
infrastructure solutions for digital assets as
well as financial services to institutional
clients.

Where to use

tzBTC is supported by Tezos
wallets and
block explorers.

Wallets

AirGap
is a crypto asset wallet where your old
smartphone is your new ‘hardware wallet’.
Store your assets entirely secure on an
offline device. With AirGap you can manage
your
Tezos, Bitcoin and tzBTC all
with one wallet. The Swiss IT-security
consulting company
Compass Security
audited the tzBTC implementation in AirGap.

Ledger
produces hardware wallets that support the
Tezos protocol. tzBTC is currently supported
through the tzbtc-client, a
command tool specifically allowing the
interaction with a Ledger hardware device for
the purpose of tzBTC.